Banco Bradesco, a private sector bank operating in Brazil, is looking to expand its digital banking business in Mexico.

As per Reuters’ report, the Brazilian bank, through its subsidiary Bradescard, has reached an agreement to buy Mexican financial services provider Ictineo Plataforma.

The details of the transaction were not divulged and it is subject to regulatory approval.

Bradesco hopes to leverage Ictineo Plataforma’s capabilities to foray into the retail banking business by offering digital accounts, payroll loans and investment accounts.

The lender has been operational in Mexico for 12 years through a financing arm Bradescard Mexico.

It has managed to amass some three million customers in private-label credit cards provided by retailers in Mexico.

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By GlobalData

“We can now have a digital bank and aim for a larger market share in a relevant market like Mexico,” Bradesco chief executive Octavio Lazari was quoted by the news agency as saying.

Once the initial phase is over, the bank plans to expand its product portfolio to offer more credit products, such as auto loans and mortgages.

In the next five years, the Sao Paulo-based bank aims to be among the top credit card issuers in the country

Notably, Bradesco has never offered retail banking services outside its home market and in Mexico, it is likely to face competition from digital lender Nubank, reported the news agency.

Earlier this year, Warren Buffet’s Berkshire Hathaway-backed Nubank managed to get a $650m credit line to strengthen operations in Mexico and Colombia.